Obama: Europe must act fast on debt crisis

WASHINGTON (AP) ? President Barack Obama says that the European Union has to act fast to deal with its debt crisis, but he is confident that European leaders are ready to take the necessary steps.

At a White House news conference Thursday, Obama said he hopes that European leaders have a “very clear, concrete plan of action that is sufficient to the task” by next month’s meeting of the Group of 20 rich and developing nations.

Obama says the European debt crisis has already affected the U.S. economy and that he is consulting closely with European leaders on how to address it.

Obama warned that Europe wouldn’t be able to export its way out of its problems. The comment came as the euro has continued to decline in value against the U.S. dollar.